III 

112TH CONGRESS 

2D SESSION S. CON. RES. 62 

Expressing the sense of the Congress that our current tax incentives for 

retirement savings provide important benefits to Americans to help plan 

for a financially secure retirement. 

IN THE SENATE OF THE UNITED STATES 

DECEMBER 6, 2012 

Mr. BLUMENTHAL (for himself, Mr. ISAKSON, Mr. GRASSLEY, Mr. PORTMAN, 

Mr. TESTER, Mr. AKAKA, Mr. BROWN of Ohio, Mr. CARDIN, Mr. BINGAMAN, Mrs. HAGAN, and Mr. BOOZMAN) submitted the following concurrent resolution; which was referred to the Committee on Finance 

CONCURRENT RESOLUTION 

Expressing the sense of the Congress that our current tax 

incentives for retirement savings provide important benefits to Americans to help plan for a financially secure 

retirement. 

Whereas private retirement plans in the United States paid 

out over $3,824,000,000,000 in benefits from 2000 

through 2009, while public sector retirement plans paid 

out $2,651,000,000,000 during the same period, with 

both playing an essential role in providing retirement income for millions of our Nation’s senior citizens; 

Whereas there are approximately 670,000 private-sector defined contribution plans that are currently covering 


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•SCON 62 IS 

67,000,000 participants, and over 48,000 private-sector 

defined benefit plans covering 19,000,000 participants; 

Whereas $4,700,000,000,000 is held in 401(k), 403(b), 457 

and similar defined contribution plans, 

$2,300,000,000,000 is held in private defined benefit 

plans, and another $4,900,000,000,000 is held in Individual Retirement Accounts, largely consisting of funds 

rolled over from employer-based retirement plans; 

Whereas from 2000 through 2009, employers have contributed almost $3,500,000,000,000 to public and private retirement plans; 

Whereas tax incentives are an important impetus for individuals to save for retirement and for employers to offer 

plans under our voluntary system; 

Whereas generally, the taxation of amounts contributed to 

pension and retirement plans is simply deferred, not lost; 

Whereas more than 70 percent of American workers making 

between $30,000 and $50,000 a year contribute to their 

own retirement when covered by a retirement plan at 

work; 

Whereas under current law, if business owners and managers 

sponsor a retirement plan, they also must cover and provide benefits to lower-income and middle-income employees; 

Whereas 401(k) and similar defined contribution plans have 

been enhanced over the years by Congress on a bipartisan basis; 

Whereas the private retirement system in the United States 

is voluntary and is dependent on the willingness of business owners and corporations to adopt and maintain retirement plans; and 


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•SCON 62 IS 

Whereas the United States system of employer-based retirement savings is designed to work together with other personal savings and the Social Security program to provide 

meaningful income replacement upon retirement: Now, 

therefore, be it 

1 Resolved by the Senate (the House of Representatives 

2 concurring), That it is the sense of the Congress that— 

3 (1) tax incentives for retirement savings play an 

4 important role in encouraging employers to sponsor 

5 and maintain retirement plans and encouraging par6 ticipants to contribute to such plans; 

7 (2) existing tax incentives have increased the 

8 number of Americans who are covered by a retire9 ment plan; and 

10 (3) a reformed and simplified Federal tax code 

11 should include properly structured tax incentives to 

12 maintain and contribute to such plans and to 

13 strengthen retirement security for all Americans. 

Æ 


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